New CFPB Director Mulvaney Holds Press Conference CSPAN November 27, 2017 6:48pm-7:12pm EST
anti-discrimination training. online at c-span.org or with the free c radio app. >> milk mulvaney, the actor director held a press conference to talk about his first day on he job and spoke about the director suing him. mr. mulvaney is remaining as the management of office and this is 0 minutes. >> had a chance to meet today with the senior leadership team, the top, six, seven folks and in
the afternoon with a broader group. i will tell you the same thing i told them which is this is an ordinary course of business in washington, d.c.,. what you are witnessesing at cfpb which is a transition and cfpb has never been through a transition before. it was inevitable, either now or later and president trump has a chance to put someone in this position. so i had a chance to walk through with a lot of folks here who have not been through transition what they should expect. they should expect that this agency will stay open. rumors that i'm going to blow it up or lock the doors. i'm a member of the executive branch of government and that gorn the cfpb.
the way we go about it and way we enforce will be different under the current administration than it was. anybody who thinks that a trump administration will be the same as an obama administration is naive. and that includes the cfpb. i don't have specifics yet how it will turn into the new attitude in light of the fact that the trump administration is now in charge but i will tell you what is happening immediately. effective today, we put something similar in place here to what we did across the entire executive braffer. we did a 30-day hiring freeze. more importantly, we put a 0-day immediate freeze anything in the pipeline stops for at least 30 days while i get a chance to see
what is going on and kick the tires here at the bureau. additionally, there will be no payments out of the civil penalties fund for at least 30 days until i see what is happening for that in excess of $0 million and what that fund is all about. there is going to be exceptions to this. i talked with legal some today and enforcement and things that are going on. i will be briefed tomorrow on 100 or so lawsuits that the buyer oove is involved with. clearly if there are statutory deadlines, they will be met.
some of the rulemaking that is in the pipeline and have more idea tomorrow as to what some of the next steps may be. i want to be here because it will be linchinged to me. good quality work that this administration could be. i will be here across the street. it adds up to more than three days a week. i have been a small business owner before and i have worked 16 hours a day. if you started your own business and more than once, you know that working a little extra isn't that big a deal in the final scheme of things. will take some questions.
[indiscernible question] >> wants me to fix it and get it back to the point where it can protect people without trampling on capitalism, without choking off the access to financial services that are so critical to so many folks. and folks in the lower and middle classes and people who are trying to get credit for the very first time. we need to follow the law and protect citizens but do so that doesn't choke off the access to capital. what does that mean, the access to money for people to succeed in their private lives. that's the charge he has given me. had h share the belief gone too far over towards
>> that the court decides to issue a temporary restraining order and order not to come into the building, we will follow the law. that's what we do in the executive branch. i'm not concerned. i'm going forward tonight and tomorrow i will be here. [indiscernible question] >> i don't know how to answer that question. i talk about my previous statements at the bureau. my opinion of the structure of the cfpb has not changed. i still think it's an awful example of a bureaucracy that has gone wrong where it is unaccountable to the people who are supposed to oversee it or pay for it. i still have the same fundamental principles about the way this bureau is structured. i think it is wrong to have a completely unaccountable federal
bureaucracy. i'm learning about the powers i have as acting director, they would frighten you most of you and how little oversight congress has over me as the director and the committees have how cfpb functions. if you really studied the constitutional flate of our government and the way the bureaucracy is supposed to work it would frighten you as independent this agency is and to the extent we are having a successon challenged as lodged by ms. english that grows out of an agency that does president think they are accountable. some that he isn't changed. i'm running the agency as the law sets forth. [indiscernible question]
>> you look at the line it was a joke in a sick, sad kind of way. the sentiment is the same. the reasons that i said that, the reasons that i still pleeven that this that agency is flawed. look at it this way, when i was n congress, if you -- if the cfpb did to you back home that you did not like, there was literally nowhere for you to turn for redress, you could not call a senator. you couldn't call the president. and it is a completely unaccountable agency and i think that's wrong. i think citizens should have some ability to hold the bureaucracy accountable. and we need structural and
lengthstive change the way this place is run. . at is outside the bounds [indiscernible question] >> i think it is most awkward for the people. i read a couple of headlines and people showed wo up. i think it is more uncomfortable for the people who work here. she is a private citizen. and i understand she brought the lawsuit. i assume she is paying for her own lawyers. and did not approve that lawsuit and purporting to be acting in her role, that's not accurate. and we'll move on here and let the courts do its will.
i did not see her. and i have been here since 7:0. 'm going to go this way. [indiscernible question] >> very candid. and i told them, i'm not shutting the place down. we are going to run it differently. and appreciate it. these are professional people, they have been in government. a lot of folks come here from other agencies. they are very professional and know the gig. so i hope they appreciate the cappedor and the candor they showed to me and i have no complints and i hope they don't either. [indiscernible question]
>> other agencies can do this job. that being said if i had the chance to change it and put it on appropriation and subject to oversight to congress. i have none of that flexibility. [indiscernible question] >> i'm not in a position. i will be here all this week. and it's pretty much and not much i can do about it. once it's gone from here, the next step in the review process would be a c.r.a. much as i think the president just signed today on the arbitration rules. that's the ordinary course of business and we are going to follow the ordinary course of
does she want to be independent from everybody or donald trump. my guess is the latter. i have no comments. [indiscernible question] >> my understanding is it has to be, number one in order for the president to fill this spot, it has to be senate-confirmed any way and every person who would have. and this is how it has been done here. the first acting director was the first treasury secretary. i will be as closely tied to donald trump as president as secretary geithner and mr. cordray.
i don't think that is anything different. and the lawsuits may be ill founded and it's the same. [indiscernible question] >> is there a question there? [indiscernible question] >> i will be as independent as donald trump as richard cordray geithner was. [indiscernible question] > to the pay-day rule, i think i'm getting briefed on the rules and regulars and that has gone over to the federal registry for
printing but i'll have more details on that. as to ms. english, she wants to show up tomorrow, she is still employed and her ideals are still valid and haven't taken any steps to terminate her, if that's your question. [indiscernible question] >> i don't know the rules. but in the public sector, things are different. no-call, justifies termination. we expect people to work. the people who are here are expected to work. maybe she took a vacation day. i don't know. but we'll find out. this y of mine wrote me morning said you could get sued for showing up for work which is what i got sued. e are going to go by the book.
yes, sir, in the back. [indiscernible question] >> believe me, being budget director is a full-time job. this is going to be a heavy work load for weeks and months. i'm absolutely comfortable with the team i put together at o.m.b. to cover this work load for whatever period of time this turns out to be and i hope to put a team here at cfpb. i was encouraged by the quality of people the professionalism of folks that i met here today and my depess, that it will be a lot of extra work, do both jobs for a period of time.
ndiscernible question scrrks >> i'm not going to relegitimate the causes of the financial crisis and what did and didn't happen. what agencies didn't do their job. looking forward, i think you have to raise a question as to what happened today. raised this question at cfpb. i was disturbed by what happened with wells fargo, what i felt that wells fargo was doing to
their customers and i don't know that you saw the c.e.o. came before the house financial services committee and i want to know cfpb gets credit for fining it but what was happening here. we have elizabeth warren's dream of what is supposed to be and not to be worried about politicians and get free money from the federal reserve and been given every single tool necessary. but every single tool necessary to either prevent that from happening atwells fargo and they denied those. can you regularly regulate out bad behavior? i don't think you can. are we going to fulfill a important role? absolutely. we are going to continue in that
function. at the same time, to think that the cfpb is going to prevent the next financial crisis is a little naive if they couldn't prevent wells fargo. i believe -- indiscernible question] >> that's a fair question. i asked that issue today and i hope to get briefed tomorrow on fargo ground on wells and find out what went wrong and figure out how we can fix that. i think that's what any good direct or would do in these circumstances. anybody who hasn't asked a uestion yet? [indiscernible question]
president trump: i like you, because you are special, you are a special people. you are really incredible people and from the heart, from the absolute heart, we appreciate what you've done, how you've done it, the bravery you displayed and the love you have for your country. tom, that is as good as you get. >> former housing secretary joined the c.e.o. of the case foundation for discussion about challenges until freedom and democracy. this is 50 minutes. >> and thank